Pepe price shot up on Wednesday, gaining 10.7% and trading at $0.0000088 at the time of writing. That marked the third successive gain by the meme coin, bringing its weekly gains to 17.9% and signaling a potential reversal to the upside after a prolonged range-bound trading.
Meme coins have been on the uptrend in the last week, signaling a potential recovery of the broader market. According to analytics site, Messari, Dogecoin gained 11.7%, Shiba Inu is at 15.9%, Bonk +22.6 and Floki has risen by 14.9% in that period. This trend could help shift the sour sentiment that had set in the market since early December 2024.
The crypto market had been drifting towards utility-based altcoins following President Donald Trump’s election win, to the detriment of meme coins. That has seen PEPE coin price decline by 56% year-to-date.
The momentum on PEPE price is likely to stay on the upside, going by its technical metrics on the daily chart. The frog-themed meme coin’s 24 hour trading volume was up by 55.7% as per CoinMarketCap data at the time of writing, signaling rising buyer appetite despite the price rise. A continuation of that trend will likely see the coin reclaim the $0.00001 mark in the near-term.
The momentum on PEPE price favours the upside to continue if action stays above the pivot mark at $0.0000081. That will likely see the coin encounter the first resistance at $0.0000091. However, a stronger momentum will break above that barrier and could test the second resistance at $0.000010.
Conversely, the momentum will shift to the downside if the price breaks below $0.0000081. That will likely see the first support established at $0.0000073. Breaking below that level will invalidate the upside narrative. In addition, an extended control by the sellers could send the price lower to test $0.0000065.
This post was last modified on Mar 26, 2025, 15:09 GMT 15:09